TOKYO, Sep 26 (News On Japan) - The former representative of the martial arts event company 'Breaking Down,' Yugo Itagaki, along with two other individuals, has been arrested by the Tokyo Metropolitan Police on charges of defrauding a company executive out of 80 million yen.
The suspects allegedly deceived the victim by claiming that investing in a smartphone trading business would yield profits.
They promoted a scheme where smartphones were said to be cheaply sourced domestically and sold overseas at a high price. The suspects reportedly promised investors a return of 7 to 8 percent of the initial investment after two months. However, the business is believed to have been entirely fictitious.
Investigations suggest that the group amassed approximately 8 billion yen through this fraudulent scheme over a two-year period starting in 2020.
Source: テレ東BIZ